Imports Growth Sustained in the Third Quarter

2014-12-15 15:57:50 (GMT) ( - Law Press Release News)

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12/10/2014 // eso (Press Release) // Narnia Ebanks // (press release)

The total value of all merchandise goods imported into the Cayman Islands in the third quarter reached $188.8 million, 0.7 percent higher compared to the CI$187.5 million recorded for the same period in 2013.

“The growth rate is modest compared to the first and second quarters but this is due to a decline in the value of petroleum and related products arising from lower prices in the source markets,” stated the Minister for Finance and Economic Development, Hon. Marco Archer.

After increasing in the second quarter by 12.2 percent, petroleum products imports fell in the third quarter by 12.4 percent.

“I am pleased to note that imports of non-petroleum products, which comprise the bulk of the country’s imports, expanded by 4.8 percent compared to the third quarter of 2013, an indication of continuing growth in local economic activity,” Minister Archer further noted.

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